A construction project would mean a lot of expenses in terms of work, materials, equipment, and labor. The more complex it gets, the more complicated the scope of work would be. That being said, owners often request a construction bid estimate in order to save money and speed up the work process. One very important matter to tackle is the cost associated with constructed facilities. A contractor or builder which the lowest cost estimates and fastest work schedule won’t necessarily mean you would win the project. Accurate and detailed information should be provided to the project owners, if a budget is provided then you must be able to meet this halfway or justify the cost estimates. Learn and read more about this below. And to help you easily create a bid estimate, check out our free construction bid estimates samples that are available for download on this page.

10+ Construction Bid Estimate Samples

1. Construction Bid Estimate Template

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2. Commercial Construction Bid Estimate Template

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3. Free Construction Bid Estimating Template

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4. Construction Cost Bid Estimate

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5. Construction Research Bid Estimate

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6. Construction Engineer Bid Estimate

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7. Sample Construction Bid Estimate

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8. Construction Bid Contract Estimate

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9. Construction Bid Analysis Estimate

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10. Construction Project Bid Estimate

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11. Construction Bid Account Estimate

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What Is a Construction Bid Estimates?

When we talk about bid estimates, these are the estimates that are submitted by a contractor to the owner. This could be submitted on an initial competitive construction bidding or after negotiations. These estimates are derived from the following approaches such as construction procedures, subcontractors quotation, and quantity takeoffs. A bid estimate is one of the three basic functions of a construction cost estimate, the other two are design estimates and control estimates. For establishing the financing of a project either a design estimate or a bid estimate is used. For construction bid estimates this would normally include construction cost, profit, and the general overheads.

How To Prepare Construction Bid Estimates?

Estimating the tools to be used is often reflected in bid estimates, as well as the desire of a contractor to win the job. If all or part of the project should be undertaken by a general contractor, a bid estimate is prepared by the quantity takeoffs provided by the owner or on the basis of the construction procedures that are devised by the contractor for implementing the project. An estimate presented to a customer as the price for a job is expected to be reasonably accurate. Items such as labor, materials, and equipment needed to perform various tasks may be used as parameters for a bid estimate. To start, here are several tips that can be helpful as you start to prepare construction bid estimates.

I. Understanding the Project

Learn more about the construction project by understanding the owner’s objectives and goals. By doing so you will be able to slowly develop your bid estimates and what the project entails.

II. Budget

In some cases, budgets are announced beforehand giving bidders an idea of how to shape their plans. Generally, owners tend to check if the cost estimates are aligned with the budget to save on cost. Although higher cost estimates may raise second thoughts, you may want to justify how you came up with the estimates or find alternatives.

III. Project Risks

Every project has its own unique risks which is why it is important that when you start the estimating process, you have to consider what could possibly go wrong during construction. Consider potential mishaps and factor them into the cost and timeline of the project. Although you cannot foretell the future you can look back on old projects and try to find commonalities to determine what risks may take place.

IV. Determine the Materials and Equipment Needs

As with all construction projects, you will need to determine the exact materials and equipment that are needed. Take note that the availability of such materials can cause fluctuations and the such. And for the equipment when creating estimates, take time to consider whether is it more cost-effective to rent or use your own equipment and small tools. This is especially true if the project will require tools you don’t already own.

V. Project Overhead

Project overhead costs are items that are necessary to complete the project but are not directly associated with labor and materials. So it is vital to include this in your estimates.

VI. Quotation from Sub-contractors or Suppliers

Surely you have also requested quotations from other suppliers and sub-contractors to help you complete the estimates. So it is important to compare more than one subcontractor for each specific scope of work on a labor and material basis.

VII. Other Costs

There are other expected costs that would be included such as allowances and contingencies. When we speak about contingencies these are unanticipated problem or condition that arises during the course of the project. Contingency markups are generally based on the risk level of the project.

VIII. Use An Estimator

A construction cost estimator assesses and establishes the baseline on project costs. Estimators help develop the cost information business owners or managers need to bid for a contract and this is advantageous for large companies or complex construction projects.

FAQs

What Is a Quantity Take-off?

This is an estimation of the materials and labor needed to complete a construction project.

What Is a General Contractor?

An individual or company who is in charge of  managing a construction project is also responsible for scheduling subcontractors and ensuring they comply with all relevant laws and building codes

Why Is Bidding Important To Construction?

Bidding is important for a construction project since this can help project owners look and hire the right contractors. Not only that this will ensure the whole project is feasible within the budget.

Preparing construction bid estimates can be a daunting task with a lot of things to consider. Our templates are available to help you make these tasks easier, which are available for free download.

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